# Aging Speed: Rate of Demographic Change -> Savings

| Model | Dep Var | N | Countries | R2 |
|---|---|---|---|---|
| dZ -> national savings | gross_national_savings_gdp | 4,319 | 158 | 0.081 |
| dZ -> private saving | private_saving_gdp | 4,028 | 157 | 0.025 |
| dZ -> govt saving | govt_saving_gdp | 5,174 | 174 | 0.039 |
| dZ -> CA/GDP | ca_gdp | 5,428 | 174 | 0.010 |
| Z + dZ -> national savings | gross_national_savings_gdp | 4,319 | 158 | 0.182 |
| Z + dZ -> private saving | private_saving_gdp | 4,028 | 157 | 0.113 |

## Key Coefficients

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| dZ -> national savings | d_Z_1 | 11.8293 | 39.8205 | 0.7664 |  |
| dZ -> national savings | d_Z_2 | 0.7288 | 6.0926 | 0.9048 |  |
| dZ -> national savings | d_Z_3 | -0.1040 | 0.2608 | 0.6901 |  |
| dZ -> private saving | d_Z_1 | -43.5384 | 43.5570 | 0.3176 |  |
| dZ -> private saving | d_Z_2 | 8.0184 | 6.6577 | 0.2285 |  |
| dZ -> private saving | d_Z_3 | -0.4073 | 0.2853 | 0.1535 |  |
| dZ -> govt saving | d_Z_1 | 55.9814 | 21.9768 | 0.0109 | ** |
| dZ -> govt saving | d_Z_2 | -7.6983 | 3.3642 | 0.0222 | ** |
| dZ -> govt saving | d_Z_3 | 0.3368 | 0.1432 | 0.0187 | ** |
| dZ -> CA/GDP | d_Z_1 | 56.5889 | 41.6599 | 0.1744 |  |
| dZ -> CA/GDP | d_Z_2 | -9.3795 | 6.3484 | 0.1396 |  |
| dZ -> CA/GDP | d_Z_3 | 0.4157 | 0.2692 | 0.1226 |  |
| Z + dZ -> national savings | Z_1 | 90.5507 | 16.2458 | 0.0000 | *** |
| Z + dZ -> national savings | Z_2 | -11.4598 | 2.4289 | 0.0000 | *** |
| Z + dZ -> national savings | Z_3 | 0.4053 | 0.0984 | 0.0000 | *** |
| Z + dZ -> national savings | d_Z_1 | 2.8469 | 41.1176 | 0.9448 |  |
| Z + dZ -> national savings | d_Z_2 | -1.1209 | 6.3029 | 0.8589 |  |
| Z + dZ -> national savings | d_Z_3 | 0.0452 | 0.2704 | 0.8673 |  |
| Z + dZ -> private saving | Z_1 | 63.1678 | 15.8936 | 0.0001 | *** |
| Z + dZ -> private saving | Z_2 | -7.5064 | 2.3628 | 0.0015 | *** |
| Z + dZ -> private saving | Z_3 | 0.2510 | 0.0954 | 0.0085 | *** |
| Z + dZ -> private saving | d_Z_1 | -30.8591 | 44.8788 | 0.4917 |  |
| Z + dZ -> private saving | d_Z_2 | 3.1751 | 6.8950 | 0.6452 |  |
| Z + dZ -> private saving | d_Z_3 | -0.1478 | 0.2970 | 0.6188 |  |

*Aging speed: does the rate of demographic change matter? dZ = year-on-year change in Z.*